As the April deadline for merchants to adopt the Europay MasterCard Visa (EMV) chip card standard approaches, a British-based mobile payments solution company is presenting a new way for firms to get ready.
Jeremy Gumbley, chief technology officer at CreditCall, recently discussed his proposal at chip-card trade expo in Paris. According to Digital Transactions, Gumbley says upgrading the physical point-of-sale (POS) terminals isn’t necessary. Instead, he says a cloud-based system would be superior.
“You make the terminal dumb and put all the [EMV] complexity in a data center,” Gumbley told the news source. “There’s a screen, a keypad, and a prompt to the cardholder, but that’s all. It’s all being driven by an app at a data center.”
He said CreditCall plans to market the cloud solution to the terminal makers, who may decide to sell it through independent sales organizations and other distributors.
EMV cards, which offer superior consumer and merchant fraud protection, contain a small microchip rather than a magnetic stripe for processing. They are common in most other industrialized countries. However, in order for merchants to accept EMV cards for payment, they must upgrade their credit card terminals.